(Bloomberg) By Anthony DiPaola and Mahmoud Habboush – Egypt is planning to attract solar and wind power plants over the next three years as part of plans to diversify the country’s energy sources and be a trading hub. The projects will produce 4,300 megawatts of electricity, Egypt President Abdel-Fattah El-Sisi said at a conference in Abu Dhabi Monday. Egypt announced subsidies for alternative energy in September under a plan to boost generation from clean sources to 20 percent of the total by 2020, from 12 percent. That amounts to 12,000 megawatts of capacity, or enough power for 24 million European homes. Egypt has 82 million people, with natural gas and diesel used to power homes and industry. Access Infra Africa was created this month by Dubai-based Access Power MEA and Paris-based Eren Developpement to invest in renewable electricity projects in Africa, including Egypt. Egypt’s renewables plan also covers use of coal and nuclear energy, Sisi said. “The strategy also includes turning Egypt into a hub for energy trade to make use of its geographic location that sits in the middle of major energy producers and consumers,” Sisi said. To contact the reporters on this story: Anthony DiPaola in Dubai at … continue reading
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